6-year re­tail bonds over­sub­scribed… again

The Pub­lic Debt Man­age­ment Of­fice of the Min­istry of Fi­nance an­nounced that it has cut short for the sec­ond time the monthly sale of six-year re­tail bonds, due to over­sub­scrip­tion be­yond the EUR 10 mln tar­get fro the month.

The of­fer for the 12th se­ries, dated De­cem­ber 2015, was ter­mi­nated on Mon­day, the first day of the of­fer. The ap­pli­ca­tion pe­riod should have ended on Novem­ber 20.

The next is­sue is the first se­ries of 2016, with ap­pli­ca­tions ac­cepted from De­cem­ber 1 to 20 for is­sue on Jan­uary 4, 2016.

Just a fort­night ago, the Min­istry of Fi­nance said it sold EUR 11.78 mln six-year re­tail bonds due from Novem­ber, mildly over­sub­scribed above the monthly tar­get of EUR 10 mln.

The PDMO said at the time that for the first eleven se­ries (Jan­uary-Novem­ber) the Min­istry of Fi­nance sold a to­tal of EUR 194.6 mln worth of the gov­ern­ment bonds, of which EUR 61.5 mln to Cypriot in­vestors and EUR 133.1 mln to for­eign in­vestors.

The ap­pli­ca­tion pe­riod for the eleventh se­ries ended on Oc­to­ber 19 as 60 ap­pli­ca­tions were re­ceived for a to­tal of EUR 11,784,500. From the bids ac­cepted, 56 were sub­mit­ted by Cypri­ots and four by for­eign in­di­vid­u­als. The val­ues ranged from EUR 1,500 to 2.5 mln. EUR 8.6 mln were form for­eign in­vestors.